1-Day Analysis:
Big Picture: Ethereum started to gain acceptance over the 1300 level and went onto challenge the 1350 resistance level. As soon as Ethereum cleared this 2-month-long resistance, there was no turning back for the bulls, who then launched on a tremendous upward rally, breaking other resistance levels along the way. Furthermore, Ethereum recovered the EMA-200 level during this process. This is a significant development for the price, and if Ethereum can now hold onto this EMA-200 level, another upward advance is still possible.
On the Upside price is presently seeing profit-taking on strength. Consolidation at current levels will enable the bulls to gradually counter profit-taking pressure. The initial resistance is now at 1575, followed by 1592. Above these, the next resistance levels are at 1610, 1640, and eventually at 1680. Expect significant profit-taking if the price maintains its upward momentum without re-testing lower supports..
On the Downside Ethereum is anticipated to re-test lower support before rising further. Moreover the indications are highly over burned and demand some room for breather. Ethereum may retest lower supports at 1495, followed by 1435. These are very solid support levels for Ethereum and are likely to re-energize bulls for another round to the upside.
